Consumer Protection Fight Looms

The Washington Times (Washington, DC), September 15, 2009 | Go to article overview

Consumer Protection Fight Looms


Byline: Sean Lengell THE WASHINGTON TIMES

hile the din of the health care debate continues to envelope Capitol Hill, another divisive White House-backed measure looming on the sidelines already has attracted dozens of deep pocketed players determined to strike it down.

A cadre of business and trade groups have joined forces to lobby against the Obama administration's proposed Consumer Financial Protection Agency (CFPA), arguing that restrictions in the measure would handcuff Wall Street and be a serious blow to the nation's economy.

The American Financial Services Association (AFSA), the main trade association for the nation's consumer credit industry that is among those leading the charge, has been meeting regularly with about 30 other trade groups to map out a plan of attack.

We're not opposed to consumer protection .. but we don't think this gets us there, AFSA Executive Vice President Bill Himpler said Existing regulations on the books, had they been enforced, would've taken care of a lot of the problems.

Their efforts, coupled with a separate multimillion dollar public relations and advertising campaign against the CFPA launched last week by the U.S. Chamber

of Commerce, is expected to catapult the issue onto the main legislation stage this autumn.

The chamber supports strong consumer protection, but a massive new bureaucracy with sweeping powers that will deprive consumers of affordability and choice is not the answer, said chamber Senior Vice President David Hirschmann.

The administration says its proposed agency would offer greater consumer protections for such financial products as mortgages, credit cards and loans by establishing simpler and more transparent rules and regulations.

The agency, if enacted by Congress, would consolidate many of the regulatory duties that are spread over several agencies, such as the Federal Reserve, the Office of Thrift Supervision, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.

President Obama has promised that the measure would include banning the most unfair practices by financial institutions, such as those ridiculous contracts with pages of fine print that no one can figure out, adding that those things will be a thing of the past.

But banks, credit card companies and other financial institutions argue that tighter controls and more regulations would stifle investments and innovation in the financial world and possibly slow down the flow of capital - a scenario blamed for the recent economic crisis.

Participants in the AFSA's loose coalition have been independently lobbying lawmakers and the administration against the CFPA, and have encouraged their members to do the same.

Mr. Himpler said his organization is working hand in glove with the chamber on the matter, though he is keeping his coalition's strategy and tactics close to the vest.

We're utilizing everything possible, he said.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Consumer Protection Fight Looms
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.